Treasury and Education Announce 2010 School Bond Allocation

Washington–(ENEWSPF)–March 17, 2010.  The U.S. Department of Treasury and the Department of Education today announced $11 billion in allocation authority to issue qualified school construction bonds under the American Recovery and Reinvestment Act of 2009 (Recovery Act). Qualified school construction bonds can be used to finance the construction, rehabilitation or repair of a public school facility or for the acquisition of land where a school will be built.

“Recovery Act school construction bonds provide low-cost borrowing to build and upgrade schools, which is a win-win for communities across the country,” said Deputy Treasury Secretary Neal Wolin. “The projects funded with these bonds create jobs today building modern schools to prepare our kids for the global economy of tomorrow.”

“Preparing students to compete in the global economy requires improvements in all aspects of our nation’s education system, including the environments in which they learn,” added Education Deputy Secretary Tony Miller. “The Recovery Act is keeping teachers in the classroom and, through the construction bond program, making lasting investments in the quality of our schools. Our kids deserve no less.”

Created by the Recovery Act, qualified school construction bonds help state and local governments obtain low-cost financing for much needed public school improvements and construction. Investors who buy these bonds receive Federal income tax credits at prescribed tax credit rates in lieu of interest. These tax credit bonds essentially allow state and local governments to borrow without incurring interest costs.

The Recovery Act provided for the issuance of $11 billion of qualified school construction bonds by states and large local educational agencies in 2009 and $11 billion in 2010. The 2010 allocations include $6.6 billion of bonding authority to the 50 states and the remaining $4.4 billion of volume cap to 103 large local educational agencies under a statutory formula tied to levels of federal education grant funding.

The full list of allocations by state can be found here.

2010 Allocations to States of Volume Cap for
Qualified School Construction Bonds

State/Territory Total Dollar Allocation by State/Territory
Alabama 140,453,000
Alaska 28,163,000
Arizona 171,115,000
Arkansas 124,197,000
California 720,058,000
Colorado 95,686,000
Connecticut 98,431,000
Delaware 29,797,000
District of Columbia 0
Florida 81,038,000
Georgia 234,431,000
Hawaii 0
Idaho 39,379,000
Illinois 251,167,000
Indiana 182,583,000
Iowa 66,422,000
Kansas 82,984,000
Kentucky 138,870,000
Louisiana 140,525,000
Maine 41,368,000
Maryland 45,190,000
Massachusetts 157,361,000
Michigan 297,611,000
Minnesota 80,649,000
Mississippi 134,610,000
Missouri 146,348,000
Montana 31,838,000
Nebraska 35,294,000
Nevada 5,157,000
New Hampshire 29,797,000
New Jersey 215,904,000
New Mexico 62,037,000
New York 178,782,000
North Carolina 188,591,000
North Dakota 25,974,000
Ohio 293,763,000
Oklahoma 91,217,000
Oregon 109,096,000
Pennsylvania 286,677,000
Rhode Island 41,296,000
South Carolina 129,456,000
South Dakota 29,797,000
Tennessee 119,131,000
Texas 547,674,000
Utah 55,599,000
Vermont 24,236,000
Virginia 172,249,000
Washington 162,837,000
West Virginia 72,262,000
Wisconsin 100,459,000
Wyoming 24,589,000
American Samoa 10,614,000
Guam 10,838,000
Northern Marianas 6,824,000
Puerto Rico 0
Virgin Islands 9,576,000
Total 6,600,000,000

2010 Allocations to Large Local Educational Agencies
of Volume Cap for Qualified School Construction Bonds

State Large Local Educational Agency Dollar Allocation
Alabama Birmingham City School District 14,274,000
Alabama Mobile County School District 25,419,000
Arizona Mesa Unified District 19,466,000
Arizona Phoenix Union High School District 12,514,000
Arizona Tucson Unified District 20,018,000
California Bakersfield City Elementary 15,102,000
California Compton Unified 16,893,000
California Fresno Unified 39,773,000
California Long Beach Unified 34,501,000
California Los Angeles Unified 290,180,000
California Oakland Unified 23,960,000
California Sacramento City Unified 19,342,000
California San Bernardino City Unified 25,294,000
California San Diego City Unified 36,093,000
California San Francisco Unified 12,957,000
California Santa Ana Unified 17,539,000
California Stockton City Unified 14,934,000
Colorado Denver County 1 29,262,000
District of Columbia District of Columbia Public Schools 32,947,000
Florida Brevard County School District 12,271,000
Florida Broward County School District 51,646,000
Florida Dade County School District 95,438,000
Florida Duval County School District 33,074,000
Florida Hillsborough County School District 37,935,000
Florida Lee County School District 14,308,000
Florida Marion County School District 11,253,000
Florida Orange County School District 36,229,000
Florida Palm Beach County School District 34,023,000
Florida Pasco County School District 13,627,000
Florida Pinellas County School District 23,529,000
Florida Polk County School District 21,223,000
Florida Volusia County School District 17,796,000
Georgia Atlanta City School District 34,526,000
Georgia Clayton County School District 15,166,000
Georgia De Kalb County School District 29,940,000
Georgia Fulton County School District 17,917,000
Georgia Gwinnett County School District 19,640,000
Georgia Richmond County School District 15,979,000
Hawaii Hawaii Department of Education 29,797,000
Illinois City of Chicago School District 299 257,127,000
Indiana Indianapolis Public Schools 31,534,000
Kentucky Jefferson County School District 30,352,000
Louisiana Caddo Parish School Board 20,707,000
Louisiana East Baton Rouge Parish School Board 21,675,000
Louisiana Jefferson Parish School Board 21,891,000
Louisiana Orleans Parish School Board 40,055,000
Maryland Baltimore City Public School System 53,530,000
Maryland Baltimore County Public Schools 19,952,000
Maryland Prince George’s County Public Schools 25,803,000
Massachusetts Boston 41,474,000
Michigan Detroit City School District 127,644,000
Minnesota Minneapolis 19,787,000
Minnesota St. Paul 18,253,000
Mississippi Jackson Public School District 15,429,000
Missouri Kansas City School District 16,274,000
Missouri St Louis City 28,481,000
Nebraska Omaha Public Schools 18,922,000
Nevada Clark County School District 58,833,000
New Jersey Newark City 25,753,000
New Mexico Albuquerque Public Schools 25,025,000
New York Buffalo City School District 33,025,000
New York New York City 664,010,000
New York Rochester City School District 28,376,000
North Carolina Charlotte-Mecklenburg Schools 25,051,000
North Carolina Cumberland County Schools 14,805,000
North Carolina Forsyth County Schools 14,162,000
North Carolina Guilford County Schools 16,843,000
North Carolina Wake County Schools 17,606,000
Ohio Cincinnati City School District 25,922,000
Ohio Cleveland Municipal School District 51,058,000
Ohio Columbus City School District 39,266,000
Ohio Toledo City School District 20,962,000
Oklahoma Oklahoma City 18,167,000
Oklahoma Tulsa 15,625,000
Pennsylvania Philadelphia City School District 145,352,000
Pennsylvania Pittsburgh School District 19,520,000
Puerto Rico Puerto Rico Department of Education 380,394,000
South Carolina Charleston County School District 15,076,000
South Carolina Greenville County School District 14,302,000
Tennessee Knox County School District 11,979,000
Tennessee Memphis City School District 49,710,000
Tennessee Nashville-Davidson County School District 24,016,000
Texas Aldine Independent School District 19,022,000
Texas Alief Independent School District 16,483,000
Texas Arlington Independent School District 13,656,000
Texas Austin Independent School District 24,078,000
Texas Brownsville Independent School District 25,901,000
Texas Dallas Independent School District 69,599,000
Texas Edinburg Consolidated Independent School District 13,967,000
Texas El Paso Independent School District 29,140,000
Texas Fort Worth Independent School District 28,764,000
Texas Garland Independent School District 12,488,000
Texas Houston Independent School District 95,370,000
Texas La Joya Independent School District 13,544,000
Texas Laredo Independent School District 14,165,000
Texas Northside Independent School District 14,641,000
Texas Pasadena Independent School District 14,609,000
Texas Pharr-San Juan-Alamo Independent School District 13,453,000
Texas San Antonio Independent School District 30,730,000
Texas Ysleta Independent School District 17,869,000
Virginia Norfolk City Public Schools 15,092,000
Virginia Richmond City Public Schools 14,983,000
Wisconsin Milwaukee 72,933,000
Total 4,400,000,000